Cross-Eyeing: EUR/JPY – Close Trade

Close Trade: 2009-06-23 08:35

Good morning! My long orders at 132.00 were triggered, and it appears that was the major support area for the day as traders jumped in long around 131.50 – 132.00. The pair has been pushed up to my first profit target at 134.00, where half of my position was closed for profit. This move was fast and furious, and looking kind of toppy, so I have decided to close my entire trade and take profits for the day.

Close trade at market (134.00)

Total: +200 pips/ +1.0% gain

I hope everyone did well today. Thanks for checking out my blog. Good luck and good trading!

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Trade Idea: 2009-06-22 23:37

crosseyed chart

Good evening! It’s been a while, but I am back and ready to do some FX trading! Technically, there are a lot of setups going on for EURJPY, indicating that the pair may move higher. Is the trend still our friend?

As we can see on the four hour chart, the pair is in a medium term uptrend, and after finding resistance around 138.00, EURJPY has retraced back to the rising trendline drawn on the chart. Stochastics are indicating that the current move lower may be oversold as the pair moves toward the 61% Fibonacci retracement area. Also, 132.00 is a psychologically significant round number – possibly an area of great interest in the short term.

Fundamentally, we have a few economic events to push currencies later today during the European trading session. Better than expected numbers may come out for the Euro-zone PMI and German PMI, and if it does we could see a short term boost to the beaten down euro and a bit of risk tolerance return to the market. We’ll have to wait and see.

So, I am going to buy EURJPY mostly on technical reasons. My stop will be a wide 200 pips (the average daily range), and if the pair goes back higher we could see it move back to the week’s opening price just above 134.00. Maybe even beyond. Here’s what I am going to do:

Long EURJPY at 132.00, stop at 130.00, pt1 at 134.00, pt2 at 136.00

Remember to never risk more than 1% of a trading account on any single trade. Adjust position sizes accordingly.

Good luck and stay tuned!

  • engin

    good for you!! when its broke 134.30 you can add a new long position.
    resistances are 136.35,137.10,139,140 and 141
    but its near owerbought in weekly chart be carefull!!!
    but oversold in daily :)
    it is 133.50 at this moment and if anyone dont enter yet this should wait break 134.30 or 132.50 again and your stop should be 130.70

  • cadarkitek

    Nice trade. I’m Long as well, the last time went opposite directions lets see what happen here. Looking for around 135.

  • engin

    good for you!! when its broke 134.30 you can add a new long position.
    resistances are 136.35,137.10,139,140 and 141
    but its near owerbought in weekly chart be carefull!!!
    but oversold in daily :)
    it is 133.50 at this moment and if anyone dont enter yet this should wait break 134.30 or 132.50 again and your stop should be 130.70

  • cadarkitek

    Nice trade. I’m Long as well, the last time went opposite directions lets see what happen here. Looking for around 135.

  • targetforex

    i’m a newbie. tried in practice account and it worked as u have mentioned. can you help me in learning how to identify these trends….

  • targetforex

    i’m a newbie. tried in practice account and it worked as u have mentioned. can you help me in learning how to identify these trends….

  • FXbadboy

    Excellent trade, its nice to see you posting your trading ideas as it opens to novice traders the perfect opportunity to learn from a pro trader like yourself and give the new traders the confidence and signal to them its possible to trade in this big wide world. Certainly i benifited and i so much appreciate your precious time to sit down there and give novice traders this info for NOTHING in return… you are a star.. hope to see more of your pro setups

  • FXbadboy

    Excellent trade, its nice to see you posting your trading ideas as it opens to novice traders the perfect opportunity to learn from a pro trader like yourself and give the new traders the confidence and signal to them its possible to trade in this big wide world. Certainly i benifited and i so much appreciate your precious time to sit down there and give novice traders this info for NOTHING in return… you are a star.. hope to see more of your pro setups

  • engin

    pro setups:) you must be kiddin if he didnt fear to lose that 200 pips… when its break 135.50 then he can see pair’s next target is 139 even 142.70 and 143…sure it wont happen instantly

  • engin

    pro setups:) you must be kiddin if he didnt fear to lose that 200 pips… when its break 135.50 then he can see pair’s next target is 139 even 142.70 and 143…sure it wont happen instantly

  • FXbadboy

    i deff believe that his trades are based on logic and technical analysis that balances that logic. regarding fearing if you are going to lose some of your profits, there is always the method called trailing stop that would lock your profit in against any sharp volatility in the market. REMEMBER.. FEAR AND GREED ARE THE TRADERS ENEMY! so always dont base your targget on hope but base it on facts you see on your charts. And good luck.

  • engin

    200 pips stop loss and you are saying its technical analys :) o man dont look anything and open a position randomly short or long it doesnt matter. With 200 pips and if you cannot still make some profits then my friend you have no lucky.because with 200 pips stop you just have to be lucky for making profits.
    yeah ı know there are two danger for the trader fear and overconfidence.and this guy dont looking whole picture and he cannot see for this pair 131.50 last bottom before 143 if there wont be a miracle surely.

  • FXbadboy

    i deff believe that his trades are based on logic and technical analysis that balances that logic. regarding fearing if you are going to lose some of your profits, there is always the method called trailing stop that would lock your profit in against any sharp volatility in the market. REMEMBER.. FEAR AND GREED ARE THE TRADERS ENEMY! so always dont base your targget on hope but base it on facts you see on your charts. And good luck.

  • engin

    200 pips stop loss and you are saying its technical analys :) o man dont look anything and open a position randomly short or long it doesnt matter. With 200 pips and if you cannot still make some profits then my friend you have no lucky.because with 200 pips stop you just have to be lucky for making profits.
    yeah ı know there are two danger for the trader fear and overconfidence.and this guy dont looking whole picture and he cannot see for this pair 131.50 last bottom before 143 if there wont be a miracle surely.